Jump to full article: Bloomberg News, 2009-10-29
Author: Naoko Fujimura
Intro: Japan Tobacco Inc., the world’s third-largest publicly traded cigarette maker, raised its full- year profit forecast 8 percent on projected currency gains and increasing market share for brands including Camel and Winston.
Net income may be 108 billion yen ($1.2 billion) for the year ending March, compared with its previous estimate of 100 billion yen, the company said in a statement today. Annual sales may total 6.09 trillion yen, compared with its previous forecast of 6 trillion yen.
“We are changing our forecast mainly because we have changed our exchange-rate assumptions,” Executive Deputy President Munetaka Takeda said in a briefing in Tokyo today.
The maker of Mild Seven cigarettes seeks to boost overseas sales as a declining smoking rate shrinks its home market.
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